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Industrial distribution · Industrials · Fiscal year ends Oct 3
Vestis reported revenue of $2.7B in the fiscal year ended Oct 2025, down 2.5% from the year before. Operating income was $64M, an operating margin of 2.4%, and net income was −$40M. Operating cash flow of $64M less capital expenditure of $58M left free cash flow of $6M. Net debt was $1.1B.
Ranks among the 15 industrial distribution companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Sep 2022 | Sep 2023 | Sep 2024 | Oct 2025 |
|---|---|---|---|---|
| Revenue | 2,687 | 2,825 | 2,806 | 2,735 |
| Cost of revenue | 1,910 | 1,970 | 1,990 | 2,010 |
| Gross profit | 777 | 855 | 816 | 725 |
| Selling, general & admin | 451 | 501 | 517 | 517 |
| Operating income | 192 | 218 | 158 | 64.4 |
| Interest expense | 4.5 | 2.1 | 127 | 93.6 |
| Pre-tax income | 190 | 270 | 32.0 | −44.3 |
| Income tax | 48.3 | 56.6 | 11.1 | −4.1 |
| Net income | 142 | 213 | 21.0 | −40.2 |
| Diluted EPS | 1.08 | 1.63 | 0.16 | −0.31 |
| Diluted shares | 131 | 131 | 132 | 132 |
| Fiscal year | Sep 2022 | Sep 2023 | Sep 2024 | Oct 2025 |
|---|---|---|---|---|
| Cash & equivalents | 23.7 | 36.1 | 31.0 | 29.7 |
| Receivables | – | 393 | 177 | 162 |
| Inventory | – | 175 | 165 | 179 |
| Current assets | – | 1,020 | 813 | 850 |
| Net PP&E | – | 665 | 671 | 663 |
| Goodwill | 963 | 964 | 964 | 962 |
| Total assets | – | 3,157 | 2,932 | 2,907 |
| Payables | – | 134 | 163 | 158 |
| Current liabilities | – | 396 | 456 | 409 |
| Short-term debt | – | 26.3 | 0.0 | 0.0 |
| Long-term debt | – | 1,463 | 1,148 | 1,155 |
| Total liabilities | – | 2,280 | 2,029 | 2,041 |
| Shareholders' equity | 2,336 | 877 | 903 | 866 |
| Fiscal year | Sep 2022 | Sep 2023 | Sep 2024 | Oct 2025 |
|---|---|---|---|---|
| Operating cash flow | 233 | 257 | 472 | 64.2 |
| Capital expenditure | 76.4 | 77.9 | 78.9 | 58.5 |
| Free cash flow | 156 | 179 | 393 | 5.8 |
| Depreciation & amortisation | 134 | 137 | 141 | 143 |
| Stock-based compensation | 17.4 | 14.5 | 16.3 | 11.6 |
| Acquisitions | 17.2 | 0.0 | 0.0 | – |
| Dividends paid | 0.0 | 0.0 | 13.8 | 13.8 |
| Dividend per share | – | – | 0.04 | 0.04 |
| Fiscal year | Sep 2022 | Sep 2023 | Sep 2024 | Oct 2025 |
|---|---|---|---|---|
| Revenue growth (YoY) | – | 5.1% | −0.7% | −2.5% |
| Operating income growth (YoY) | – | 13.4% | −27.5% | −59.2% |
| EPS growth (YoY) | – | 50.9% | −90.2% | −293.7% |
| Gross margin | 28.9% | 30.3% | 29.1% | 26.5% |
| Operating margin | 7.2% | 7.7% | 5.6% | 2.4% |
| Net margin | 5.3% | 7.5% | 0.7% | −1.5% |
| Return on equityBlank when equity is negative | 6.1% | 24.3% | 2.3% | −4.6% |
| ROCEEBIT ÷ (assets − current liabilities) | – | 7.9% | 6.4% | 2.6% |
| Free cash flow margin | 5.8% | 6.3% | 14.0% | 0.2% |
| Cash conversion (CFO ÷ net income) | 1.64x | 1.21x | 22.5x | −1.60x |
| Receivable days | – | 51 | 23 | 22 |
| Inventory days | – | 32 | 30 | 33 |
| Payable days | – | 25 | 30 | 29 |
| Interest cover | 42.3x | 103x | 1.25x | 0.69x |
| Debt ÷ equity | – | 1.70x | 1.27x | 1.33x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | – | 1,453 | 1,117 | 1,125 |
| Current ratio | – | 2.58x | 1.78x | 2.08x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.